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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (D) OF THE
SECURITIES ACT OF 1934
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DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): September 26, 2001
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BUCKEYE TECHNOLOGIES INC.
(Exact name of registrant as specified in its charter)
DELAWARE 33-60032 62-1518973
(State of Incorporation) (Commission File Number) (I.R.S. Employer
Identification No.)
1001 Tillman Street, Memphis, Tennessee 38112
(Address of principal executive offices)
Registrant's telephone, including area code (901) 320-8100
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ITEM 5. OTHER EVENTS
On September 26, 2001, the Registrant issued the following press
release announcing its expectations relating to its July - September quarter
earnings and announcing new credit arrangements.
NEWS FROM
(BUCKEYE TECHNOLOGY LOGO)
FOR IMMEDIATE RELEASE
Contacts: Dave Ferraro
President
901-320-8115
Gordon Mitchell,
Investor Relations Manager
901-320-8256
Website: www.bkitech.com
BUCKEYE ANTICIPATES DECREASED JULY-SEPTEMBER EARNINGS, REPORTS STABILIZING PULP
PRICING, AND MAKES NEW CREDIT ARRANGEMENTS
MEMPHIS, TN September 26, 2001 - Buckeye Technologies Inc. (NYSE: BKI) today
announced that it expects to approximately break-even in the July-September
quarter. The earnings decrease is the direct result of extremely low prices for
fluff pulp and the soft worldwide economy which has been exacerbated by the
recent terrorist attacks.
Buckeye Chairman Robert E. Cannon commented that, "Our decline in profitability
reflects the cumulative impact of eight consecutive months of commodity wood
pulp price reductions. These price reductions appear to have ended during
September, and many observers believe we have reached the bottom of the cycle.
We see signs that pulp markets are firming, and a number of producers have
announced price increases. Our current results also reflect normal start-up
expenses related to our new airlaid nonwovens machine in North Carolina."
Mr. Cannon also said, "Buckeye continues to have adequate liquidity for its
operations. Some of our credit arrangements have been amended and we have closed
a Cdn. $20 million loan with Toronto-Dominion. The Company's current credit
availability is in excess of $30 million and additional funding is expected to
be finalized prior to December 31, 2001."
Buckeye, a leading manufacturer and marketer of specialty cellulose and
absorbent products, is headquartered in Memphis, Tennessee, USA. The Company has
facilities in the United States, Germany, Canada, Ireland, and Brazil. Its
products are sold worldwide to makers of consumer and industrial goods.
Certain matters discussed in this press release may constitute forward-looking
statements within the meaning of the federal securities laws that involve risks
and uncertainties, including but not limited to economic, competitive,
governmental, and technological factors affecting the Company's operations,
markets, products, services and prices, and other factors. For further
information on factors which could impact the Company and the statements
contained herein, please refer to public filings with the Securities and
Exchange Commission.
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Also, on September 26, 2001, the Registrant issued the following press
release announcing its scheduled conference call regarding its operating results
for the first quarter of fiscal year 2002 ending September 30, 2001.
CONFERENCE CALL
FOR
BUCKEYE TECHNOLOGIES INC.
FIRST QUARTER RESULTS
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We have scheduled a conference call for
THURSDAY, OCTOBER 18, 2001
9:30 A.M. CENTRAL
Management participating on the call will include
ROBERT E. CANNON, CHIEF EXECUTIVE OFFICER
DAVID B. FERRARO, PRESIDENT AND CHIEF OPERATING OFFICER
GAYLE L. POWELSON, SENIOR VICE PRESIDENT, CHIEF FINANCIAL OFFICER
GORDON MITCHELL, MANAGER, INVESTOR RELATIONS
All interested parties are invited to listen to the audio conference call live
or tape delayed via the website www.streetfusion.com or via the Company's
website homepage at www.bkitech.com. The replay will be archived on both
websites through October 25, 2001.
In addition, persons interested in listening by telephone may dial in at (800)
967-7184 within the United States. International callers should dial (719)
457-2633. Participants should call no later than 9:15 a.m. CDT.
To listen to the telephone replay of the conference call, dial (888) 203-1112 or
(719) 457-0820. The passcode is 483491. The telephone replay will be available
until midnight October 25, 2001.
A press release will be issued via Business Wire early the morning of October
18. If you do not receive a copy of this release, please contact Gordon Mitchell
at (901) 320-8256.
We look forward to your participation.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial statements of business acquired.
Not applicable.
(b) Pro forma financial information
Not applicable.
(c) Exhibits
10.1 Amendment, dated September 7, 2001, to the Credit Agreement
dated April 16, 2001 among Buckeye Technologies Inc.; Fleet
National Bank; Toronto Dominion (Texas), Inc.; Bank of
America, N.A.; First Union National Bank; and the other
lenders party thereto. (1)
10.2 Amendment, dated September 20, 2001, of German Purchase
Agreement between, collectively, Buckeye Technologies Inc.,
Buckeye Steinfurt GmbH and Buckeye Holdings GmbH and,
collectively, Walkisoft GmbH and UPM-Kymmene Ojy. (2)
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(1) Incorporated by reference to Exhibit 10.10 of the Annual
Report of Buckeye Technologies Inc. on Form 10-K for the year
ended June 30, 2001.
(2) Incorporated by reference to Exhibit 10.11 of the Annual
Report of Buckeye Technologies Inc. on Form 10-K for the year
ended June 30, 2001.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Report to be signed on its behalf by the
undersigned, thereunto duly authorized,
BUCKEYE TECHNOLOGIES INC.
/s/ Gayle L. Powelson
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Gayle L. Powelson
Senior Vice President, Chief Financial
Officer
September 26, 2001